Question on Buying 10 years old flat with registration on hold
1 week ago
I have shortlisted a flat but since Registration are on hold,Was planning to proceed with sale agreement and complete the registration later ,but the seller is asking for 95% of the amount and remaining 5% after registration.Can I legally give the flat on rent as I am paying 95% basing on a sale agreement.Also is it wise to give 95% of the amount even if flat won’t be on your name.Any suggestions how to proceed with it as I really like the flat.
A.Dear Client,
An agreement to sell does not confer title or ownership of the property to the buyer unless it is registered in his favour following the registration formalities. So, without being a owner of the flat you legally cannot sublet it to others. When the registration of a property is on hold, without verifying the status of the title and encumbrance of that property, any investment involves a potential risk of financial loss apart from other consequences. The payment of 95% of consideration value of the property based on possession of the property post agreement to sell is not advisable at this juncture. Reach out to an Advocate for guidance and steps.
An agreement to sell does not confer title or ownership of the property to the buyer unless it is registered in his favour following the registration formalities. So, without being a owner of the flat you legally cannot sublet it to others. When the registration of a property is on hold, without verifying the status of the title and encumbrance of that property, any investment involves a potential risk of financial loss apart from other consequences. The payment of 95% of consideration value of the property based on possession of the property post agreement to sell is not advisable at this juncture. Reach out to an Advocate for guidance and steps.
Helpful
Helpful
Share
A.Dear sir,
You must take possession and stay there physically as you are paying 95% percent of the amount. But it is not wise to pay such big amount without title that is sale deed.
You must take possession and stay there physically as you are paying 95% percent of the amount. But it is not wise to pay such big amount without title that is sale deed.
Helpful
Helpful
Share
A.Dear Client ,
you can not rent / lease or sell your property until you have received complete possession of the property. you have to complete registration process for the same before getting into rental contract
you can not rent / lease or sell your property until you have received complete possession of the property. you have to complete registration process for the same before getting into rental contract
Helpful
Helpful
Share
Read Related Answers
To landlord - I am staying in this house from 6 years
Dear Client,
You can send a legal notice to the landlord and demand to repay the security deposit. In case of inaction from the landlord, you can file a suit under Order 37 of CPC before a jurisdictio...
Addition of Wife Name in new flat sale
Dear Client,
An owner who wants to add a co-owner to his property will have to do so by way of creating a new deed altogether mentioning the ratio or portion of the ownership in the property. This new...
Real estate -rera
Dear Client,
As the housing project is not registered under the RERA, you have to file a complaint against the real estate company and its directors before the District Consumer Commission under Sec.3...
Apartments terrace laws
Dear Client,
The rooftops of the Building are also known as an open terrace and a part of the common area useable for all the floor owners of the multistoried building. Legally, a Builder cannot sell...
Tenant Eviction - Rental and Sale Agreement Signed but Expired
Dear Client,
Neither a rent agreement nor an agreement to sell confer any ownership right to a tenant or a buyer. On the expiry of the rent agreement, you can ask the tenant to vacate the rented premi...
Read Blogs on Real Estate
Real Estate Lawyers
Find Lawyers by Location
